MIRA INFORM REPORT

Report No. :	356634
Report Date :	26.12.2015

IDENTIFICATION DETAILS

Name :	LEL LUCEELIGHT SRL

Registered Office :	Via Della Tecnica, 46, 36031 – Dueville (VI) -IT-, Italy

Country :	Italy

Financials (as on) :	31.12.2014

Date of Incorporation :	17.09.2007

Legal Form :	Limited liability company

Line of Business :	Manufacture of other lighting equipment

No. of Employee :	From 36 to 50

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Italy

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

ITALY - ECONOMIC OVERVIEW

Italy has a diversified economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 132% of GDP in 2014, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.

Source : CIA

Company name and address

Lel Luceelight Srl

Via Della Tecnica, 46

36031 – Dueville (VI) -IT-

Summary

Fiscal Code	:	03417070244
Legal Form	:	Limited liability company
start of Activities	:	02/10/2007
Equity	:	Over 2.582.254
Turnover Range	:	12.750.000/15.500.000
Number of Employees	:	from 36 to 50

Activity

Manufacture of other lighting equipment

Legal Data

Legal Form : Limited liability company

Fiscal Code : 03417070244

Chamber of Commerce no. : 1967775 of Milano

Chamber of Commerce no. : 323997 of Vicenza since 02/10/2007

V.A.T. Code : 03417070244

Establishment date	: 17/09/2007
Start of Activities	: 02/10/2007
Legal duration	: 31/12/2050
Nominal Capital	: 10.000
Subscribed Capital	: 10.000
Paid up Capital	: 10.000

Legal mail :

LUCELIGHT@LEGALMAIL.IT

Members

Celsan

Marco

Born in Vicenza

(VI)

on 09/03/1966

- Fiscal Code : CLSMRC66C09L840C

Residence:

Astichello

, 62

- 36051

Creazzo

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	16/01/2012

No Prejudicial events are reported

No Protests registered

Edera S.r.l.

Della Tecnica

, 46

- 36031

Dueville

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module are listed the companies in which members hold or have holded positions.

Celsan

Marco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
C.c.e.a. S.r.l.	Altavilla Vicentina (VI) - IT -	02374040240	Director	Active	Registered
C.c.e.a. S.r.l.	Altavilla Vicentina (VI) - IT -	02374040240	Assistant board Chairman	Withdrawn	Registered
Emar - Tech S.a.s. Di Celsan Marco E C.	Creazzo (VI) - IT -	03335550244	General Partner	Withdrawn	Ceased
Emar - Tech S.a.s. Di Celsan Marco E C.	Creazzo (VI) - IT -	03335550244	Liquidator	Withdrawn	Ceased
Edera S.r.l.	Dueville (VI) - IT -	03768980249	Sole Director	Active	Registered
Harcosbei Srl	Vicenza (VI) - IT -	03688160245	Sole Director	Active	Registered
Ederled S.r.l.	Dueville (VI) - IT -	03778390249	Sole Director	Active	Registered

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Parise Alfio		PRSLFA69E31H829L	500 .Eur	5,00
Edera S.r.l.	Dueville - IT -	03768980249	9.500 .Eur	95,00

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
Apiraee	Roma - IT -	09677251002					Active

Firm's location and structure

In order to carry out its activities the firm uses the following locations:

Legal and operative seat

Della Tecnica

, 46

- 36031

- Dueville

(VI)

- IT -

PHONE

: 0444360571

Legal mail

: LUCELIGHT@LEGALMAIL.IT

Employees

: 46

Fittings and Equipment for a value of 320.000

Eur

Stocks for a value of 420.000

Eur

Trade organization: direct or by agents.

Sales area on a national scale.

The company supplies wholesalers and resellers.

Usually the terms of sale are within 90-120 days.

Financial means used for sale: bank transfers and bank orders.

Main used payment modalities are by cash orders and bank transfers.

Traded Brands / Suppliers

- C.C.E.A. S.R.L.

Protests

Protests checking on the subject firm has given a negative result.

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
INTESA SANPAOLO SPA	BAV - FILIALE DI POVOLARO	PIAZZA REDENTORE,75	36031	Dueville	3069	60360

Financial and Economical Analysis

Company's starting of activities dates back to 2007.

Balance sheets for the years 2012, 2013 and 2014 were analyzed.

During the last years, it achieved profits (r.o.e. 51,13% on 2014) thanks to a progressive increase in turnover (+13,74% in 2014 compared to 2013 and +8,42% in 2013 compared to 2012).

The operating result in 2014 was positive (37,85%) and even better than sector's average.

The operating result is positive and amounts to Eur. 3.131.687 rising (+more then 100%) in relation to the previous year.

The economic management produced a gross operating margin of Eur. 3.472.367 with a more then 100% growth.

Excellent equity structure since liquidity is higher than short term liabilities.

It's shareholders funds amount to Eur. 4.249.600 , rising by 104,62%.

Eur. 3.534.752 is the amount of total debts, both commercial and of different nature, on the same levels as the year before.

The company does not exceed in bank credits; payments average period is instead slightly high (100,05 gg.) anyway better than the field's average.

Liquidity is good (2,14)

As to due from customers, the average terms are 72,09 days. , a value lower than the sector's average.

2014 financial year closed with a cash flow of Eur. 2.513.539

Labour cost amounts to Eur. 1.875.138, with a 17,42% incidence on production costs. and a 13,57% incidence on sales volumes.

The financial management is positive as incomes are higher than the charges.

Financial Data